Colombo Dockyard PLC
"…An Odyssey of Excellence…"
Interim Financial Report
For the Six Months Period Ended 30 June2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter ended 30 June | Six months ended 30 June | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 6,290,406 | 11,378,259 | -44.72% | 13,695,895 | 21,219,767 | -35.46% |
Cost of Sales | (6,567,936) | (12,293,525) | 46.57% | (13,550,780) | (20,726,123) | 34.62% |
Gross Profit | (277,530) | (915,266) | 69.68% | 145,115 | 493,644 | -70.60% |
Other Income | (53,138) | (475,812) | 88.83% | 520,271 | (695,933) | 174.76% |
Distribution Expenses | (26,161) | (20,741) | -26.13% | (62,571) | (37,539) | -66.68% |
Administrative Expenses | (874,767) | (782,609) | -11.78% | (1,793,492) | (1,666,778) | -7.60% |
Other Operating Expenses | - | (20,001) | 100.00% | 99,955 | (20,011) | 599.50% |
Net Finance Income / (Expenses) | (534,164) | (554,011) | 3.58% | (1,027,742) | (1,106,986) | 7.16% |
Profit / (Loss) before Tax | (1,765,760) | (2,768,440) | 36.22% | (2,118,464) | (3,033,603) | 30.17% |
Income Tax Expense | 1,847,336 | 21,960 | 1,846,049 | (25,904) | ||
Profit / (Loss) for the period | 81,576 | (2,746,480) | 102.97% | (272,415) | (3,059,507) | 91.10% |
Other Comprehensive Income | ||||||
Revaluation Dry dock and machinery | 6,153,496 | - | 6,940,299 | - | ||
Foreign currency translation differences - foreign operations | (8,303) | (83,883) | (38,888) | (90,541) | ||
Deferred Tax on Assest Revaluation | (1,846,049) | - | (2,082,090) | - | ||
Other Comprehensive Income For The Period - Net of Taxes | 4,299,144 | (83,883) | 4,819,321 | (90,541) | ||
Total Comprehensive Income for The Period | 4,380,720 | (2,830,363) | 4,546,906 | (3,150,048) | ||
Profits Attributable to : | ||||||
Owners of The Company | 82,230 | (2,748,013) | (274,330) | (3,071,606) | ||
Non - Controlling Interest | (654) | 1,533 | 1,915 | 12,099 | ||
Profit for the period | 81,576 | (2,746,480) | (272,415) | (3,059,507) | ||
Total Comprehensive Income Attributable to : | ||||||
Owners of The Company | 4,387,228 | (2,790,793) | 4,563,741 | (3,118,289) | ||
Non - Controlling Interest | (6,508) | (39,570) | (16,835) | (31,759) | ||
Total Comprehensive Income for The Period | 4,380,720 | (2,830,363) | 4,546,906 | (3,150,048) | ||
Earnings per share (Rs) | 1.14 | (38.24) | (3.82) | (42.74) | ||
Note : Figures in brackets indicate deductions | ||||||
The above figures are subject to audit |
01. Colombo Dockyard PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30th June | 2024 | 2023 | As at 31.12.2023 |
Rs,'000 | Rs,'000 | Rs,'000 | |
ASSETS | |||
Non-Current Assets | 20,830,519 | 5,282,578 | 13,955,597 |
Property, Plant and Equipment | |||
Intangible Assets | 8,183 | 22,598 | 17,224 |
Right - of -Use assets | 218,886 | 160,902 | 244,962 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 | 22,568 |
Deferred Tax Assets | 15,014 | 6,958 | 15,014 |
Other Financial Assets Including Derivatives | 504,247 | 384,099 | 420,474 |
Total Non-Current Assets | 21,599,417 | 5,879,392 | 14,675,839 |
Current Assets | 4,022,651 | 5,565,160 | 3,716,313 |
Inventories | |||
Trade and Other Receivables | 14,483,847 | 18,542,262 | 16,304,826 |
Other Financial Assets Including Derivatives | 177,168 | 134,787 | 197,623 |
Investments classified as Fair value Through Profit or Loss | - | 11,067 | - |
Cash and Cash Equivalents | 5,146,334 | 16,803,800 | 4,430,580 |
Total Current Assets | 23,830,000 | 41,057,076 | 24,649,342 |
Total Assets | 45,429,417 | 46,936,468 | 39,325,181 |
EQUITY AND LIABILITIES | 714,396 | 714,396 | 714,396 |
Stated Capital | |||
Exchange Equalisation Reserve | 80,929 | 75,664 | 101,067 |
Fair Value through OCI Reserve | 21,838 | 22,147 | 21,838 |
Retained Earnings | (4,129,160) | 3,985,192 | (3,854,830) |
Revaluation Reserves | 10,961,893 | - | 6,103,684 |
Equity Attributable to Equity Holders of the Parent | 7,649,896 | 4,797,399 | 3,086,155 |
Non - Controlling Interest | 187,788 | 175,703 | 204,623 |
Total Equity | 7,837,684 | 4,973,102 | 3,290,778 |
Non-Current Liabilities | 7,790,000 | - | 3,000,000 |
Interest Bearing Borrowings | |||
Lease liability | 138,352 | 124,295 | 160,967 |
Deferred Tax Liability | 252,918 | - | 211,018 |
Employee Benefits | 1,279,999 | 1,247,558 | 1,308,865 |
Total Non-Current Liabilities | 9,461,269 | 1,371,853 | 4,680,850 |
Current Liabilities | 18,779,998 | 27,816,896 | 20,850,998 |
Interest Bearing Borrowings | |||
Trade and Other Payables | 7,604,046 | 8,962,154 | 8,572,386 |
Lease liability | 35,374 | 33,661 | 41,376 |
Amounts due to Related Parties | - | 1,236,000 | - |
Income Tax Payable | 56,762 | - | 67,648 |
Dividends Payable | 10,487 | 10,515 | 10,487 |
Bank Overdrafts | 1,643,797 | 2,532,287 | 1,810,658 |
Total current Liabilities | 28,130,464 | 40,591,513 | 31,353,553 |
Total Equity and Liabilities | 45,429,417 | 46,936,468 | 39,325,181 |
Net Assets per share (RS) | 106.46 | 66.76 | 42.95 |
Note :The above figures are subject to audit |
These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007
(Sgd.) P D Gihan Ravinatha
General Manager (Finance)/CFO
(Sgd.) J Furukawa | (Sgd.) Thimira S. Godakumbura |
Director | Managing Director / CEO |
August 20, 2024 Colombo |
02. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - GROUP
For the six months ended 30th June | Retained | Fair Value | Exchange | Revaluation | Non | |||
Stated Capital | Through OCI | fluctuation | Total | Controlling | Total Equity | |||
earnings | Reserve | |||||||
Reserves | Reserve | Interest | ||||||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2024 | 714,396 | (3,854,830) | 21,838 | 101,067 | 6,103,684 | 3,086,155 | 204,623 | 3,290,778 |
Net Profit / (Loss) for the Period | - | (274,330) | - | - | - | (274,330) | 1,915 | (272,415) |
Other Comprehensive Income | - | - | - | (20,138) | 6,940,299 | 6,920,161 | (18,750) | 6,901,411 |
Differed Tax on Asset Re-Valuation | - | - | - | - | (2,082,090) | (2,082,090) | - | (2,082,090) |
Dividends Paid | - | - | - | - | - | - | - | - |
As at 30 June 2024 | 714,396 | (4,129,160) | 21,838 | 80,929 | 10,961,893 | 7,649,896 | 187,788 | 7,837,684 |
As at 1 January 2023 | 714,396 | 6,532,445 | 17,353 | 31,563 | - | 7,295,757 | 103,346 | 7,399,103 |
Net Profit / (Loss) for the Period | - | 302,296 | - | - | - | 302,296 | 8,796 | 311,092 |
Other Comprehensive Income | - | - | - | 85,923 | - | 85,923 | 83,671 | 169,594 |
Dividends Paid | - | (71,860) | - | - | - | (71,860) | - | (71,860) |
As at 30 June 2023 | 714,396 | 6,762,881 | 17,353 | 117,486 | - | 7,612,116 | 195,813 | 7,807,929 |
03. Colombo Dockyard PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30th June | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (2,118,464) | |
Net Profit Before Tax | (3,033,603) | |
Adjustment for ; | 280,777 | |
Depreciation of Property, Plant & Equipment | 278,210 | |
Amortisation of Intangible Assets | 9,204 | 9,516 |
Provision for Retirement Benefit Obligations | 61,333 | 32,700 |
Provision / (reversal) for Bad and Doubtful Debts | (14,280) | - |
Provision / (reversal) for Obsolete Stocks | (99,956) | 12,400 |
(Profit) / Loss on Disposal of Property, Plant and Equipment | (1,996) | 1,455 |
Foreign Exchange (Gain) / Loss (Unrealised) | - | 319,318 |
Interest Income | (163,213) | (123,250) |
Interest Expense | 1,335,179 | 1,241,063 |
Operating Profit Before Working Capital Changes | (711,416) | (1,262,191) |
(Increase) / Decrease in Inventories | (206,382) | (36,104) |
(Increase) / Decrease in Trade and Other Receivables | 1,858,404 | 2,180,927 |
(Increase) / Decrease in Other Financial Assets | (63,318) | 51,473 |
Increase / (Decrease) in Trade and Other Payables | (1,229,985) | (3,751,963) |
Increase / (Decrease) in Amounts Due to Related Parties | - | (1,502,537) |
Cash Generated from / (used in) Operating Activities | (352,697) | (4,320,395) |
Interest Paid | (1,335,179) | (1,241,063) |
Gratuity Paid | (90,199) | (19,793) |
Income tax / ESC paid | (10,886) | - |
Net Cash Generated from / (used in) Operating Activities | (1,788,961) | (5,581,251) |
Cash Flow from Investing Activities | (213,568) | |
Purchase of Property Plant and Equipment | (206,097) | |
Interest Received | 166,144 | 221,029 |
Net Cash Generated from / (used in) Investing Activities | (47,424) | 14,932 |
Cash Flow from Financing Activities | 2,719,000 | |
Loans Obtained / (Paid) During The Period (Including exchange impact) | 3,778,308 | |
Net Cash Generated from / (used in) Financing Activities | 2,719,000 | 3,778,308 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 882,615 | (1,788,011) |
Cash and Cash Equivalent at the Beginning of the period | 2,619,922 | 16,059,524 |
Cash and Cash Equivalent at the end of the period | 3,502,537 | 14,271,513 |
Analysis of Cash and Cash Equivalents | 5,146,334 | |
Cash in Hand and Bank / Short Term Investments | 16,803,800 | |
Bank Overdrafts | (1,643,797) | (2,532,287) |
3,502,537 | 14,271,513 |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
04. Colombo Dockyard PLC
STATEMENT OF COMPREHENSIVE INCOME - COMPANY
Quarter ended 30 June | Six months ended 30 June | |||||
2024 | 2023 | Variance % | 2024 | 2023 | Variance % | |
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |||
Revenue | 5,934,944 | 10,624,616 | -44.14% | 12,876,469 | 19,684,580 | -34.59% |
Cost of Sales | (6,276,888) | (11,643,840) | 46.09% | (12,925,750) | (19,516,702) | 33.77% |
Gross Profit | (341,944) | (1,019,224) | 66.45% | (49,281) | 167,878 | -129.36% |
Other Income | (59,123) | (473,692) | 87.52% | 509,069 | (695,543) | 173.19% |
Distribution Expenses | (22,202) | (17,746) | -25.11% | (54,960) | (31,498) | -74.49% |
Administrative Expenses | (759,785) | (671,767) | -13.10% | (1,554,604) | (1,430,514) | -8.67% |
Other Operating Expenses | - | (20,001) | - | 99,955 | (20,011) | 599.50% |
Net Finance Income / (Expenses) | (534,424) | (556,501) | 3.97% | (1,025,815) | (1,113,472) | 7.87% |
Profit / (Loss) before Tax | (1,717,478) | (2,758,931) | 37.75% | (2,075,636) | (3,123,160) | 33.54% |
Income Tax (Expense) / Reversal | 1,846,049 | 25,500 | 1,846,049 | - | ||
Profit / (Loss) for the period | 128,571 | (2,733,431) | 104.70% | (229,587) | (3,123,160) | 92.65% |
Other Comprehensive Income | ||||||
Revaluation Dry dock and machinery | 6,153,496 | - | 6,940,299 | - | ||
Deferred Tax on Assest Revaluation | (1,846,049) | - | (2,082,090) | - | ||
Other Comprehensive Income For the Period - Net of Taxes | 4,307,447 | - | 4,858,209 | - | ||
Total Comprehensive Income for The Period | 4,436,018 | (2,733,431) | 4,628,622 | (3,123,160) | ||
Earnings per share (Rs) | 1.79 | (38.04) | (3.19) | (43.46) |
Note : Figures in brackets indicate deductions
The above figures are subject to audit
05. Colombo Dockyard PLC
STATEMENT OF FINANCIAL POSITION - COMPANY
As at 30th June | 2024 | 2023 | As at 31.12.2023 |
Rs,'000 | Rs,'000 | Rs,'000 | |
ASSETS | |||
Non-Current Assets | 19,518,228 | 4,628,707 | 12,626,310 |
Property, Plant and Equipment | |||
Investment Property | 2,865 | 2,865 | 2,865 |
Intangible Assets | 7,365 | 21,287 | 16,278 |
Right - of -Use asset | 216,194 | 160,902 | 242,270 |
Investments In Subsidiaries | 13,652 | 11,901 | 13,652 |
Investments Classified as Fair Value through OCI | 22,568 | 22,257 | 22,568 |
Other Financial Assets Including Derivatives | 504,247 | 374,811 | 412,226 |
Total Non-Current Assets | 20,285,119 | 5,222,730 | 13,336,169 |
Current Assets | 3,525,219 | 5,178,839 | 3,243,803 |
Inventories | |||
Trade and Other Receivables | 11,696,443 | 15,895,539 | 14,036,585 |
Other Financial Assets Including Derivatives | 177,168 | 131,691 | 192,750 |
Amounts Due from Related Parties | 815,809 | 634,155 | 935,269 |
Cash and Cash Equivalents | 4,586,359 | 16,672,294 | 4,304,315 |
Total Current Assets | 20,800,998 | 38,512,518 | 22,712,722 |
Total Assets | 41,086,117 | 43,735,248 | 36,048,891 |
EQUITY AND LIABILITIES | 714,396 | 714,396 | 714,396 |
Stated Capital | |||
Fair Value through OCI Reserve | 22,458 | 22,147 | 22,458 |
Retained Earnings | (6,103,649) | 2,021,203 | (5,874,062) |
Revaluation Reserves | 10,468,859 | - | 5,610,650 |
Total Equity | 5,102,064 | 2,757,746 | 473,442 |
Non-Current Liabilities | 7,790,000 | - | 3,000,000 |
Interest Bearing Borrowings | |||
Lease Liability | 135,110 | 124,295 | 160,052 |
Employee Benefits | 1,246,413 | 1,211,839 | 1,272,743 |
Deferred Taxation | 236,041 | - | - |
Total Non-Current Liabilities | 9,407,564 | 1,336,134 | 4,432,795 |
Current Liabilities | 18,779,998 | 27,816,896 | 20,850,998 |
Interest Bearing Borrowings | |||
Trade and Other Payables | 5,862,163 | 7,183,605 | 6,848,307 |
Other Financial Liabilities Including Derivatives | 1,751 | 2,273 | 1,751 |
Amounts due to Related Parties | 242,919 | 2,062,131 | 1,688,741 |
Lease Liability | 35,374 | 33,661 | 31,728 |
Dividends Payable | 10,487 | 10,515 | 10,487 |
Bank Overdrafts | 1,643,797 | 2,532,287 | 1,710,642 |
Total current Liabilities | 26,576,489 | 39,641,368 | 31,142,654 |
Total Equity and Liabilities | 41,086,117 | 43,735,248 | 36,048,891 |
Net Assets per share (RS) | 71.00 | 38.38 | 6.59 |
Note :The above figures are subject to audit |
These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007
(Sgd.) P D Gihan Ravinatha
General Manager (Finance)/CFO
(Sgd.) J Furukawa | (Sgd.) Thimira S. Godakumbura |
Director | Managing Director / CEO |
August 20, 2024 Colombo |
06. Colombo Dockyard PLC
STATEMENT OF CHANGES IN EQUITY - COMPANY
Stated Capital | Retained earnings | Fair Value Through | Revaluation | Total | |
For the six months ended 30th June | OCI Reserves | Reserve | |||
Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | Rs,'000 | |
As at 1 January 2024 | 714,396 | (5,874,062) | 22,458 | 5,610,650 | 473,442 |
Net Profit / (Loss) for the Period | - | (229,587) | - | - | (229,587) |
Other Comprehensive Income | - | - | - | 6,940,299 | 6,940,299 |
Differed Tax on Asset Re-Valuation | - | - | - | (2,082,090) | (2,082,090) |
Dividends Paid | - | - | - | - | |
As at 30 June 2024 | 714,396 | (6,103,649) | 22,458 | 10,468,859 | 5,102,064 |
As at 1 January 2023 | 714,396 | 5,144,363 | 22,147 | - | 5,880,906 |
Net Profit / (Loss) for the Period | - | (3,123,160) | - | - | (3,123,160) |
Other Comprehensive Income | - | - | - | - | - |
Dividends Paid | - | - | - | - | - |
As at 30 June 2023 | 714,396 | 2,021,203 | 22,147 | - | 2,757,746 |
07. Colombo Dockyard PLC
COMPANY CASH FLOW STATEMENT
For the six months ended 30th June | 2024 | 2023 |
Rs,'000 | Rs,'000 | |
Cash Flow from Operating Activities | (2,075,636) | |
Net Profit Before Tax | (3,123,160) | |
Adjustment for ; | 242,586 | |
Depreciation of Property, Plant & Equipment | 230,077 | |
Amortisation of Intangible Assets | 8,914 | 8,301 |
Provision for Retirement Benefit Obligations | 60,000 | 30,000 |
Provision / (reversal) for Bad and Doubtful Debts | (14,280) | - |
Provision / (reversal) for Obsolete Stocks | (99,956) | 12,400 |
(Profit) / Loss on Disposal of Property, Plant and Equipment | - | 1,455 |
Foreign Exchange (Gain) / Loss(Unrealised) | - | 319,318 |
Interest Income | (159,122) | (118,520) |
Interest Expense | 1,333,497 | 1,240,754 |
Operating Profit Before Working Capital Changes | (703,997) | (1,399,375) |
(Increase) / Decrease in Inventories | (181,460) | (51,238) |
(Increase) / Decrease in Trade and Other Receivables | 2,377,566 | 2,972,007 |
(Increase) / Decrease in Amounts Due From Related Parties | 119,460 | (202,796) |
(Increase) / Decrease in Other Financial Assets | (76,439) | (5,989) |
Increase / (Decrease) in Trade and Other Payables | (1,007,440) | (3,788,981) |
Increase / (Decrease) in Amounts Due to Related Parties | (1,445,822) | (1,797,687) |
Cash Generated from / (used in) Operating Activities | (918,132) | (4,274,059) |
Interest Paid | (1,333,497) | (1,240,754) |
Gratuity Paid | (86,330) | (18,763) |
Net Cash Generated from / (used in) Operating Activities | (2,337,959) | (5,533,576) |
Cash Flow from Investing Activities | (194,206) | |
Purchase of Property Plant and Equipment | (186,747) | |
Interest Received | 162,054 | 216,061 |
Net Cash Generated from / (used in) Investing Activities | (32,152) | 29,314 |
Cash Flow from Financing Activities | 2,719,000 | |
Loans Obtained / (Paid) During The Period (Including exchange impact) | 3,778,308 | |
Net Cash Generated from / (used in) Financing Activities | 2,719,000 | 3,778,308 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 348,889 | (1,725,954) |
Cash and Cash Equivalent at the Beginning of the period | 2,593,673 | 15,865,961 |
Cash and Cash Equivalent at the end of the period | 2,942,562 | 14,140,007 |
Analysis of Cash and Cash Equivalents | 4,586,359 | |
Cash in Hand and Bank / Short Term Investments | 16,672,294 | |
Bank Overdrafts | (1,643,797) | (2,532,287) |
2,942,562 | 14,140,007 |
Note : All values in Rupees '000s, unless otherwise stated Figures in brackets indicate deductions
The above figures are subject to audit
08. Colombo Dockyard PLC
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